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The Dubai International Financial Center (DIFC)’s amendments to its Application Law and Real Property Law and Regulations came into effect yesterday, according to the Dubai Media Office. The amendments, which were enacted last Thursday, 14 November, provide clarity on where the law stands on issues outside of DIFC statutes, backstopping any gaps with English Common Law and other international common law jurisdictions.
REFRESHER- DIFC had published consultations on the amendments earlier in May.
What’s new? The amendments to the Application Law establish clearer guidelines on the source of DIFC law and its interpretation. A new article confirms that DIFC laws are primarily determined by DIFC statutes and court judgments interpreting them. Where there are gaps, the law is supplemented by common law principles, with reference to English Common Law and other established common law jurisdictions.
Where the courts stand: The amendment clarifies that courts retain the authority to adapt and develop common law principles “on a case by case basis,” but do not have broader legislative or policy making powers.
Further global coordination for legal interpretation: Another new article also provides that DIFC statutes modeled on international laws can be interpreted with guidance from global jurisprudence and commentary related to those laws.
Property reg changes: The amendments to the Real Property Law and Regulations introduce…
- A mortgage registration fee, requiring purchasers registering mortgages to pay a 0.25% fee on the mortgage value to cover administrative costs;
- An extended off-plan sales registration period from 30 days to 60 days, granting buyers more time to complete transactions and pay freehold transfer fees.
